empty
 
 
04.03.2021 02:04 PM
EUR/USD analysis for March 04 2021 - Sellers in control and potential for test of our downside target at 1.1990-1.1955

Earlier this week, there was talk of a possible 1.5 mil bpd increase to output but thereafter there were murmurs that the cuts may even stay unchanged through to April.

The latest is that Russia is seeing a roughly 500,000 bpd deficit in the market and wants to push forward with an output increase to match that - bringing up its own quota by 125,000 bpd, according to JP Morgan (h/t @ Amena__Bakr).

Essentially, all options are still on the table and this is one of those rare meetings where the market is left guessing on decision day itself.

Further Development

This image is no longer relevant

Analyzing the current trading chart of EUR/USD, I found that our bearish view from yesterday is progressing good and that EUR is heading towards our profit targets.

My advice is still to focus on selling opportunities on the rallies with the downside targets at 1,1990 and 1,1955.

Key Levels:

Resistance: 1,2045

Support levels: 1,1990 and 1,1955.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback